Republican Madison Cawthorn Under Investigation For Crypto Insider Trading Accusations

By ProCoinNews • April 28, 2022 8:01 pm • Comments

Senator Thom Tillis recently called on Congress to start an investigation of his colleague Republican Madison Cawthorn over the suspicion of insider trading.

At this time, the details of what caused this investigation are still unclear as investigators are still working to see if there is evidence that supports this claim.

Insider trading is something that goes against the oath that all Congress members take before they are sworn into their positions which makes it a serious offense.

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The accusation also involves crypto as the representative is accused of having a relationship with a specific anti-Biden cryptocurrency called the Let’s Go Brandon coin.

CNBC reports:

A Republican senator on Wednesday called on Congress to investigate his GOP colleague Rep. Madison Cawthorn, of North Carolina, who has come under fire as ethics watchdogs raise suspicions of possible insider trading over his relationship to an anti-Biden cryptocurrency.

“There needs to be a thorough and bipartisan inquiry into the matter by the House Ethics Committee,” Tillis tweeted.

Tillis’ tweet ratchets up the already intense pressure Cawthorn was facing from within his own party.

The 26-year-old freshman lawmaker’s recent comments and other troubles — including a citation Tuesday for bringing a loaded handgun into an airport — have made him a magnet for controversy as the GOP looks to regain majority control of the House in the midterm elections.

Tillis last month endorsed Cawthorn’s primary challenger, and a Tillis-tied super PAC reportedly spent more than $300,000 on ads that attacked Cawthorn.

As of now, the investigation is still underway as the details have not been confirmed yet.

So far, we do know that Cawthorn has previously boasted about his holdings of the Let’s Go Brandon coin on Instagram.

There is a photo on Instagram that shows him and a co-founder of the cryptocurrency hanging out at a party back in December of 2021.

The photo itself is not evident of anything, but had unfortunately raised some eyebrows and did not display a good look for the public official.

The crypto itself might not classify as a security though, but some lawyers are suggesting that insider trading rules may still apply to a certain degree.

MarketWatch reports:

The Examiner report said Cawthorn had said he owned the cryptocurrency and in an Instagram post on Dec. 29 appeared to suggest that LGBCoin would “go to the moon.”

Multiple watchdog groups told the conservative Washington publication that the congressman may have broken insider-trading laws as he hyped up an alleged pump-and-dump scheme.

A spokesman for Cawthorn didn’t immediately respond to a MarketWatch request for comment.
Last month, Tillis endorsed a North Carolina Republican who is challenging Cawthorn in an upcoming GOP primary.

A growing number of Republicans in the state have decided to oppose Cawthorn, who has been criticized for some recent comments, including one in which he called Ukrainian President Volodymyr Zelenskyy a “thug.”

More details are to be confirm in the coming week as the investigation continues to be worked on and is potentially examined by the House Ethics Committee.

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